The Ultimate Timeshares Quiz

By: Staff

4 Min Quiz

Image: refer to hsw

About This Quiz

You've heard of the attractive potential of timesharing and it sounds too good to be true. Imagine that -- a week's vacation in Florida every year at very little cost. Can anything go wrong? Is it a no-fail deal? Find out with this quiz.

When you buy real estate through timeshare, you:

Timeshare real estate means that you pay for your share of the property.

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Where are most North American timeshare resorts located?

Most North American timeshare resorts are located in Colorado, Florida and Mexico.

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Who introduced the concept of timeshares?

A resort developer in France dreamed up the idea in the 1970s.

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What is the minimum price for a used timeshare?

A used timeshare can range anything upward of $1,500.

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What is included in annual fees?

Maintenance is included, as are utilities and taxes.

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Who foots the bill if significant renovations are conducted on the timeshare property?

Each shareowner must pay a share of the renovations cost.

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Under one type of system, you can purchase a share during a particular season at a resort. What system might this be?

It works under a flex plan whereby you have a one-to-two month period during which time you must take your vacation. You should book this well in advance.

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The points system takes into account the time of year and the room/suite size. The greater the demand for a particular time of year,:

Basically, it will cost you more out of your points allocation than a non-peak time of year. The room/suite size you choose will also have a bearing on the number of points it will cost you.

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What does timeshare swapping allow you to do?

Timeshare swapping enables you to swap locations or time slots with another shareowner.

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Who can help you find a suitable swapping partner?

An exchange company takes on this role, matching your wants with an availability.

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Are you allowed to rent out your timeshare property?

Yes, you can rent out your share and up to a point, you are free to set your own terms and cost.

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Why is it inadvisable to buy a timeshare as an investment?

It is very rare to make a profit on a resale of a timeshare, so it should be viewed solely as a vacation destination, not an investment opportunity.

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In Florida it might become illegal to mention _____ in a timeshare sales pitch.

Florida might pass a bill whereby it would be illegal to mention "investment opportunity" while selling a timeshare deal.

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What is the end result of thousands of resorts and millions of shares on the market?

Timeshares lose their value because of the abundance of options, not to mention the multiple costs involved.

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If you want to sell a timeshare, how can you indicate in your ad that there is no broker involved?

A common phraseology is "for sale by owner." This indicates clearly that there is no broker involved.

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How can you check the credentials of a broker?

First, check it out with the Better Business Bureau. It's also a good idea to check with state real-estate licensing agencies.

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It isn't easy to figure out the appropriate market rate for your timeshare. What can you do about it?

There are timeshare appraisal services dedicated to this end. They can give you a good idea of the market rate.

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What is the key to avoiding a timeshare scam?

The key is not to be impulsive. Never sign then and there on the spot and preferably have a trusted lawyer read the contract.

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Why might you need an escrow service when buying timeshare?

An escrow service is ideal if you need the money to be held while the timeshare is being built. This way, the money is transferred to the seller only after all the necessary conditions have been met.

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What's your best assurance that your timeshare will be suitably maintained throughout the year?

It's best to have a written contract. Without it, you won't have a leg to stand on if the property is not maintained properly.

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